Financial Planning

News

• Legislators Split on Madoff Case Roots, Lessons

  January 6, 2009

  The scandal at Madoff Investment Securities LLC touched off a fight Monday among lawmakers over whether more regulation could have helped uncover the alleged fraud, or whether regulators failed to use authority they already had.

• Aviva Wealth Arm Setting Sights on Growth in '09

  January 6, 2009

  Most wealth management companies are preparing to tighten their belts this year, but Aviva Investors North America plans to add staff and develop additional products to increase assets and sales.

• Treasury-Backed Bond Funds Yield Robust Returns

  January 6, 2009

  Long-term U.S. government funds yielded 22.5% in the fourth quarter of 2008, for a three-month performance of 27.1% year to date.

• Obama May Push for $300 Billion in Tax Cuts

  January 6, 2009

  President-elect Barack Obama and his transition team reportedly plan to propose approximately $300 billion in tax cuts as part of an overall economic stimulus package.

• Lehman Lawyers Oppose N.Y. Comptroller's Call for Trustee

  January 6, 2009

  Lawyers for Lehman Brothers Holdings Inc. disputed an argument made by New York State Comptroller Thomas DiNapoli in November that the judge overseeing Lehman's bankruptcy proceedings should appoint a trustee to oversee the company's estate.

• The Age of Dominance Reaches Its End for GSEs

  January 6, 2009

  Though many companies suffered sudden reversals of fortune in 2008, perhaps none were more dramatic than the fall of Fannie Mae and Freddie Mac.

• Treasury Scrutinizing City National Aid?

  January 5, 2009

  City National Corp. is reportedly the subject of an investigation by the Treasury Department, which gave the Beverly Hills company $400 million of taxpayer funds last year.

• Florida's Tougher Annuity Fraud Laws Take Effect this Year

  January 5, 2009

  The New Year marks the beginning of tougher penalties for fraudulent annuity practices in Florida, as an effort to target agents using predatory annuity practices goes into law.

• Action by New York Regulators Helps MetLife—and Possibly Others

  January 5, 2009

  Thanks to an independent effort by New York insurance regulators, MetLife expects to reduce by about $1.8 billion, or more than 30%, the amount it must post to back up its variable annuity living benefit guarantees.

• Citi Keeps Hold of Top Spot

  January 5, 2009

  In a market that has seen nothing but change over the last 12 months, at least one thing is consistent: Citi remained the top underwriter in 2008.

• Variable Annuity Outlook Hinges on Market Upturn

  January 5, 2009

  Variable annuity sales sank in 2008 as the stock market's swoon scared investors off.

• Hazarding Guesses: What '09 May Bring

  January 5, 2009

  Last year made all too clear just how perilous the business of prognosticating can be.

• Lawmakers Want Bush to Suspend Minimum 2008 Distributions

  January 5, 2009

  A group of 61 members of Congress has written to President Bush asking him to suspend rules that require senior citizens to withdraw money from their severely depleted retirement accounts by the end of the year.

• IRS Revises Tuition Program Rules

  January 5, 2009

  The Internal Revenue Service has given Section 529 tuition programs the ability to change their investment strategies more frequently in response to the financial crisis.

• Treasury Responds to TARP Questions

  January 5, 2009

  The Treasury Department released a letter with responses to 10 questions posed by a recent report that criticized its management of the Troubled Asset Relief Program.

• NAPFA Speaks Out on Mary Schapiro and the SEC

  January 5, 2009

  NAPFA believes that President-Elect Obama's selection of Mary L. Schapiro for SEC commissioner is a curious pick that has promise for consumers.

• Viewpoint: Segment Targeting for a Wealth Advisory Identity

  January 5, 2009

  Wealth management advisors already were losing distinctiveness before 2008's Wall Street meltdown; most players offered a near-limitless array of investment products at increasingly similar fee structures.

• Best-Performing Managers Played it Safe

  January 5, 2009

  Mutual fund managers Tom Forester and David Ellison stood out from the crowd last year with the two best-performing funds, even though they both lost money in 2008.

• FDIC to Sell IndyMac for Nearly $14B

  January 2, 2009

  After more than a week of speculation, the Federal Deposit Insurance Corp. announced a $13.9 billion deal Friday to sell failed IndyMac Federal Bank to a private equity consortium led by the head of Dune Capital Management.

• Citi Executive Trio to Forgo Bonuses

  January 2, 2009

  Citigroup, one of the largest recipients of rescue funding from the US Treasury's Troubled Asset Relief Program, has significantly slashed its bonus pool for 2008, leaving top executives to forgo their bonuses altogether.

• Showing Clients You're Madoff-Proof—Within Limits

  January 2, 2009

  As federal authorities try to sort out the alleged Ponzi scheme of Bernard Madoff, the sheer magnitude of the case—and the far-reaching publicity it has generated—is creating a PR problem for the investment advisory industry.

• Three Acquirers Confront Difficult Integration

  January 2, 2009

  BofA, Wells Fargo and PNC will face challenges in new year on the integration front.

• Stars May Have Aligned for a Major Reg Revamp

  January 2, 2009

  There have been dozens of attempts at regulatory restructuring over the past five decades, but this year may be the one where efforts finally make some headway.

• December Advisor Confidence Up

  January 2, 2009

  Advisors' confidence in the economy and stock market improved in December, according to Rydex AdvisorBenchmarking.

• Big Mutual Funds Lose 60% in 2008

  January 2, 2009

  A 38% drop in the Standard & Poor's 500 index last year seems almost rosy compared to the abysmal performance of three big mutual funds that all lost more than 60%.

• Madoff Claim Forms Assured

  December 30, 2008

  Forms for making claims in the liquidation of the investment firm of alleged pyramid-scheme operator Bernard Madoff are scheduled to be mailed out no later than Jan. 9.

• Fewer Bank Failures than Expected in 2008, but Likely to Rise in 2009

  December 29, 2008

  Despite dire predictions and a financial crisis unlike anything faced in the past seven decades, only 25 banks failed—well short of the hundreds some had predicted.

• Investors Approve Wells Fargo, PNC Deals

  December 26, 2008

  Shareholders ratified PNC Financial Services Group's deal to buy National City and Wells Fargo's deal for Wachovia.

• SEC May Investigate Reserve Fund

  December 26, 2008

  The Securities and Exchange Commission may bring enforcement action against the Reserve Management Company and its managers for possible violations of federal securities laws.

• FDIC Sale of IndyMac Imminent

  December 24, 2008

  The Federal Deposit Insurance Corp. is expected to announce the sale of IndyMac Bancorp. soon, possibly as early as Wednesday.

• Hedge Funds to Cut IT Spending 40%

  December 24, 2008

  As their revenues decline, hedge funds will spend $882 million on technology in 2009, 40% less than this year.

• Minimum IRA Distributions Still Required for 2008

  December 24, 2008

  The Internal Revenue Service and the Treasury Department have decided against changing a rule that requires retirees to withdraw a minimum distribution from their retirement savings accounts by the end of 2008.

• For Regionals, Cleanup Is Top Priority

  December 24, 2008

  The nation's biggest regional banking companies are likely to use a defensive strategy most of next year as they continue to absorb loan losses and chew through capital.

• OTS Official Suspended for IndyMac Backdating

  December 23, 2008

  The Office of Thrift Supervision has suspended a top official following allegations he allowed IndyMac Bank to backdate an infusion of capital shortly before the California thrift was closed by federal regulators.

• Tax Strategies Can Mitigate Madoff Losses

  December 23, 2008

  Edward Mendlowitz, a partner at accounting firm WithumSmith+Brown, outlined a series of tax strategies that could help offset the staggering losses incurred from investments with Bernard Madoff's scandal-scarred securities firm.

• Fortress Won't Pay A 4Q Dividend

  December 23, 2008

  Hedge fund Fortress Investment Group LLC won't pay a dividend in the fourth quarter of 2008, the second consecutive quarter it has not offered a payout to shareholders.

• Fed Places Restrictions on Three Banks

  December 23, 2008

  The Federal Reserve Board on Monday announced written agreements putting clamps on three community banks: Michigan Heritage Bank, Birthright Inc., and Cherokee Bancshares Inc.

• Lawmakers Urge Obama to Stop IRS Debt Collectors

  December 23, 2008

  Leaders of the House Ways and Means Committee wrote to President-elect Barack Obama asking him to end the Internal Revenue Service's private debt collection service.

• ICI Warns of Cuts to U.S. Retirement Plans

  December 22, 2008

  The chief executive of ICI told the National Press Club that the current economic crisis should not be used as an excuse for abandoning the 401(k) system.

• Standard & Poor's Downgrades 11 Top Financial Institutions

  December 22, 2008

  Standard & Poor's Friday downgraded 11 major U.S. and European financial institutions as they continue to face pressure from complex financial risks and the weakening economy.

• Paulson: A Memorable Term, Unclear Legacy

  December 22, 2008

  When he leaves office next month, Henry Paulson will conclude what has been one of the most influential terms of any Treasury secretary in recent memory.

• Treasury Unlikely to Ask Congress for Tarp Balance

  December 22, 2008

  The Bush administration is not expected to go back to Congress and request the remaining $350 billion authorized for the Troubled Asset Relief Program.

• Fed to Extend ABS Maturities

  December 22, 2008

  The Federal Reserve Board announced Friday that it plans to extend the maturities of loans it makes to holders of asset-backed securities to three years, from the one year that was initially envisioned.

• How Bad Regulation Created the Crisis

  December 22, 2008

  When the history of the current financial crisis is written, wrongheaded regulatory and accounting policies will go down as major villains.

• Genworth Financial Planning to Cut 13% of its Global Workforce

  December 22, 2008

  Struggling insurer Genworth Financial announced a plan to layoff approximately 1,000 employees worldwide as it grapples with the economic downturn.

• ETF Launches Sputtered in Tough 2008

  December 22, 2008

  This was a tough year to launch any new product, and exchange-traded funds were no exception.

• Favorable Reaction to Schapiro as Obama Pick for SEC

  December 19, 2008

  President-elect Barack Obama formally announced yesterday that he will nominate Mary Schapiro, the chief executive officer of the Financial Industry Regulatory Authority, to become chairman of the Securities and Exchange Commission.

• B of A Mulls Mortgage Hires with Surge in Volume Likely

  December 19, 2008

  The government's bold moves to lower mortgage rates and a spike in applications in recent weeks have Bank of America Corp. thinking seriously about bringing in reinforcements.

• More Households Buy Stocks, Bonds

  December 19, 2008

  The Investment Company Institute said that 54.5 million households had investments in equities or bonds through early 2008.

• Advisors Dominant as Preferred Guide

  December 19, 2008

  Fifty-five percent of individual investors think a financial advisor could help them, according to a survey by Opinion Research Corp. for TD Ameritrade Holding Corp.